Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Hampton Inn Raleigh-Capital Boulevard North, a 31-room limited-service hotel located in Raleigh, North Carolina.
“This sale was a testament to the strength and desirability of both the Raleigh market and the Hampton brand,” said Robert Hunter, senior vice president investments. “We were tasked with selling around inherent challenges, primarily shaky economic conditions, the cost of debt, inflated renovation costs and a sluggish recovery of corporate business drivers.”
Hunter and McLean Hicklin of Marcus & Millichap had the exclusive listing to market the property on behalf of the seller, and procured the buyer, a private partnership who will operate the hotel. Ben Yelm, Marcus & Millichap’s Broker of Record in North Carolina, assisted in closing this transaction.
The hotel is located at 3621 Spring Forest Road just south of Interstate 540 in northeast Raleigh, proximate to the Triangle Town Center. Constructed of concrete in 1999 on a 2.89 acre site, the five-story hotel offers guests a variety of amenities, including a business center, fitness center, complimentary breakfast, and an outdoor pool.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2022, the company had 1,904 investment sales and financing professionals in 81 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.
Credit: https://www.citybiz.co/article/444640/marcus-millichap-brokers-the-sale-of-raleigh-hotel/